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Tax Administration Act 1994

Assessments

113G: Amended assessments: tax year to which net loss carried back under section IZ 8

You could also call this:

"Carrying back losses to a previous tax year and changing tax assessments"

Illustration for Tax Administration Act 1994

You can carry back a net loss from one tax year to the previous year under section IZ 8 of the Income Tax Act 2007. If you do this, the Commissioner might amend your assessment for the year you carried the loss back from. The Commissioner can also amend the assessment for the previous year at the same time.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS345785.

Topics:
Money and consumer rights > Taxes
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113F: Amended assessments: election under section HC 33 to satisfy trustee liability, or

"Paying a trust's income tax debt using a special choice under section HC 33"

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114: Validity of assessments, or

"Mistakes don't make tax assessments invalid"

Part 6Assessments

113GAmended assessments: tax year to which net loss carried back under section IZ 8

  1. This section applies if—

  2. a person elects to carry back a net loss from a tax year (the loss year) to the preceding tax year under section IZ 8 of the Income Tax Act 2007; and
    1. the Commissioner amends the assessment for the loss year because the person’s assessment for the loss year is based on an amount for the net loss carried back that does not meet the requirements of that section.

      1. Despite the time bar, the Commissioner may amend the assessment for the tax year preceding the loss year at the same time as the Commissioner amends the assessment for the loss year.

      Notes
      • Section 113G: inserted (with effect on 15 April 2020), on , by section 21 of the COVID-19 Response (Taxation and Other Regulatory Urgent Measures) Act 2020 (2020 No 10).